Indorama Ventures Public Company Limited: Earnings recovery appears to be on track

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Indorama Ventures Public Company Limited: Earnings recovery appears to be on track

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Indorama Ventures Public Company Limited

Earnings recovery appears to be on track

Maintain Rating: BUY | PO: 31.10 THB | Price: 24.40 THB

1Q26 results are on a recovery path 18 May 2026

VL printed a reported 1Q26 loss of Bt2.8bn (included a divestment loss of Bt369mn and Equity

a restructuring expense of Bt623mn), which was a sharp improvement from a loss of

Bt4.7bn in 4Q25. The recovery was uneven with PET showing the strongest EBITDA Komsun Suksumrun ^^^ Research Analyst

rebound, followed by Intermediate chemical, and Fibers. Indovinya (surfactant) delivered Kiatnakin Phatra Securities

a soft performance with a slight sequential EBITDA contraction. IVL changed the way it +66komsun.suks@kkpfg.com2 305 9201

treated inventory gains or losses starting from 1Q26.

PET – the bright spot

Integrated PET EBITDA grew from Bt2.8bn in 4Q25 to Bt5.5bn in 1Q26 on higher PET Stock Data

spreads (PET sales volume contracted 3% QoQ). China integrated spread added

Price 24.40 THB

US$60/ton QoQ to US$176/ton in 1Q26 (on supply discipline by Chinese PET operators).

Price Objective 31.10 THB

A rapid jump in PET spread was more pronounced in March due to US/Iran conflict-

Date Established 25-Mar-2026

induced tight PET market conditions, which pushed PET spread further to US$271/ton in

Investment Opinion B-1-7

April. Intermediate Chemicals saw EBITDA turn from a negative of Bt433mn to positive

52-Week Range 14.60 THB-26.25 THB

Bt170mn largely on MTBE volume normalization (post its major turnaround in 4Q25). Its

Mrkt Val / Shares Out (mn) 3,599 USD / 4,814.3

ethylene cracker and MEG plant continued to experience reliability issues on top of the

Market Value (mn) 117,468 THB